Under the patronage of Eng. Sultan Bin Saeed Al Mansoori, minister of Economy, chairman of the Insurance Authority, the International Marine Insurance Conference was held recently in Dubai. The conference was held under the theme of marine insurance-moving forward towards a varying industry with the participation of 80 local and...
Union Insurance Company has joined hands with Fotopia Technologies to become one of the region’s first insurers to adopt a fully integrated paperless system using cloud computing to improve service delivery and cost savings, enhance productivity and contribute towards sustainable environment conservation. According Abdul Muttaleb M. Al Jaedi, managing director...
Zurich has launched a new solution; ‘MySavings’ – a holistic solution utilising the investment expertise of Mercer, who is the largest investment consultancy firm in the world. MySavings is a workplace savings platform offered by Zurich combining access to a range of dynamic investment solutions designed and managed by Mercer...
Howden, part of Hyperion Insurance Group, has announced that it has entered into a definitive agreement to acquire a majority stake in insurance broker ACP from private equity fund Mediterra Capital and existing management shareholders. Headquartered in Istanbul, ACP is a leading insurance broker in Turkey and the largest independent...
With all listed insurers in Saudi Arabia having published their preliminary year-end 2017 financial reports, S&P Global Ratings calculates that net income for the whole sector dropped by 55 percent to about Saudi Arabian riyal SAR1.1 billion from SAR2.5 billion in 2016. In addition, the sector posted a modest decline...
The UAE Insurance Authority has issued modified regulations concerning the organisation of conventional and takaful reinsurance operations in the country. The provisions of these regulations shall apply to reinsurance companies established in the State, branches of foreign reinsurance companies, reinsurance business ceded by an insurance company licensed and registered with...
The Financial Regulatory Authority plans to increase the contribution of the insurance industry to the GDP. Mohamed Omran, chairman of the Financial Regulatory Authority (FRA) has said the authority aims to increase net investments of the insurance sector to EGP150 billion by 2022 compared with EGP86 billion in 2017. At...
Al-Buhaira National Insurance Company (ABNIC) has selected Beyontec as its preferred technology partner. ABNIC will implement Beyontec’s award-winning insurance solution across all lines of business. After evaluating various solutions, ABNIC chose Beyontec Suite to manage the policy lifecycle across a wide variety of products that would help ABNIC achieve its...
The Shura Council has approved a law that will allow private sector employees to purchase assumed years of service so that they can enjoy relevant pension benefits in line with civil servants and military personnel. Under the law, the insured may request to include an assumed period of service in...
The Lower House of the Jordan Parliament recently passed the medical and health liability draft law for the year 2016. Under the bill, a medical and health liability insurance fund will be set up at the Higher Health Council, which obliges a licensed medical or health facility to insure the...
